Wednesday, August 08, 2012

News Links, August 9, 2012

Saudis spending more than it should - IMF
"Saudi Arabia's government is spending more than it should do if it wants to preserve the country's oil wealth for future generations, the International Monetary Fund said in a report released on Tuesday."

Chesapeake shuns gas, shrinks rig count
"Chesapeake Energy Corp., which calls itself America's Champion of Natural Gas, said Tuesday it is basically giving up on gas drilling this year, adding to an industrywide retreat from what has been deemed the fuel of the future."

It's a money-loser, which is what I've been pointing out all along. And in that sense, this certainly will turn out to be "the energy of the future." -- RFPetrobras: A Shadow of its Former Self

"China Vanke Co., China's largest property developer by sales, said a decline in new housing construction may continue in the second half of the year as a dip in sales and weaker access to credit curb appetite for expansion."

"One of China's largest shipbuilders said Wednesday that it canceled eight shipbuilding contracts during the second quarter because customers failed to pay, demonstrating the tough conditions that face China's shipbuilders and international shipping companies."